Sturdy Savings Bank Mortgage Rates, Fees & Info

Stone Harbor, NJ

LEI: 5493003DHZPFGQQJCU86

Tax ID: 21-0605343

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Sturdy Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Sturdy Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Ocean City, Atlantic City, and Vineland among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Sturdy Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    164

    Origination Dollar Volume (All Markets)

    $48,590,000

    Employee count

    158

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    OCEAN CITY, NJ (FHA|USDA|VA) 156 $47,290,000 $303,141 $0 0.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 6 $1,170,000 $195,000 $0 0.00%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $130,000 $65,000 $0 0.00%
    Sturdy Savings Bank's top markets include Ocean City, Atlantic City, and Vineland among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 164 $48,590,000 $296,280 $0 0.00%

    For 2020, Sturdy Savings Bank's most frequently originated type of loan was Conventional, with 164 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 97 $30,075,000 $310,052 $0 0.00%
    Refi 47 $11,615,000 $247,128 $0 0.00%
    Home Improvement 17 $5,075,000 $298,529 $0 0.00%
    Other 3 $1,825,000 $608,333 $0 0.00%

    For 2020, Sturdy Savings Bank's most frequently cited loan purpose was Home Purchase, with 97 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 164 $48,590,000 $296,280 $0 0.00%

    For 2020, Sturdy Savings Bank's most frequently cited loan duration was Other, with 164 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 53 $7,755,000 $146,321 $0 0.00%
    $200k-400k 42 $11,350,000 $270,238 $0 0.00%
    $100,000 or less 38 $2,660,000 $70,000 $0 0.00%
    $400k-600k 15 $7,465,000 $497,667 $0 0.00%
    $600k-1MM 10 $7,910,000 $791,000 $0 0.00%
    $1MM+ 6 $11,450,000 $1,908,333 $0 0.00%

    2020 saw Sturdy Savings Bank place emphasis on $100k-200k loans with 53 originations, totaling $7,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 32 $7,940,000 $248,125 $0 0.00%
    $250k+ 31 $20,805,000 $671,129 $0 0.00%
    $50k-75k 28 $3,810,000 $136,071 $0 0.00%
    $100k-150k 27 $4,705,000 $174,259 $0 0.00%
    $75k-100k 23 $4,605,000 $200,217 $0 0.00%
    $50k or less 8 $740,000 $92,500 $0 0.00%

    Sturdy Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 32 originations. The second most popular income band? $250k+, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 164 $48,590,000 $296,280 $0 0.00%

    Sturdy Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 164 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 125 $34,965,000 $279,720 $0 0.00%
    Not applicable 15 $5,985,000 $399,000 $0 0.00%
    Not provided 17 $5,955,000 $350,294 $0 0.00%
    Asian 3 $915,000 $305,000 $0 0.00%
    Black 3 $495,000 $165,000 $0 0.00%
    Asian Indian 1 $275,000 $275,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.90%

    Sturdy Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.15%

    Sturdy Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 164 $48,590,000 $296,280

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $15,000 $15,000
    Single Family (1-4 Units):Manufactured 3 $415,000 $138,333
    Single Family (1-4 Units):Site-Built 160 $48,160,000 $301,000

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Stewart Title of SacramentoPlacer Conventional home mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Sturdy Savings Bank 49 South Shore Road Marmora, NJ 8223 Full Service B&M $9,447
    Sturdy Savings Bank 101 East 34th Street Ocean City, NJ 8226 Full Service B&M $39,838
    Sturdy Savings Bank 1224 Route 47 Dennisville, NJ 8214 Full Service B&M $63,148
    Sturdy Savings Bank 17 S Main St Cape May Court House, NJ 8210 Full Service B&M $146,983
    Sturdy Savings Bank 1900 New Jersey Avenue North Wildwood, NJ 8260 Full Service B&M $43,490
    Sturdy Savings Bank 2201 Route 50 Woodbine, NJ 8270 Full Service B&M $34,519
    Sturdy Savings Bank 2628 Dune Drive Avalon, NJ 8202 Full Service B&M $111,774
    Sturdy Savings Bank 3195 Route 9 S Rio Grande, NJ 8242 Full Service B&M $31,133
    Sturdy Savings Bank 3851 Bayshore Road North Cape May, NJ 8204 Full Service B&M $85,087
    Sturdy Savings Bank 521 New Road Somers Point, NJ 8244 Full Service B&M $31,036
    Sturdy Savings Bank 5611 New Jersey Avenue Wildwood Crest, NJ 8260 Limited, Drive-thru $0
    Sturdy Savings Bank 661 Asbury Avenue Ocean City, NJ 8226 Full Service B&M $18,485
    Sturdy Savings Bank 701 Washington Street Cape May, NJ 8204 Full Service B&M $137,399
    Sturdy Savings Bank 9417 Third Ave Stone Harbor, NJ 8247 Full Service B&M $75,718

    For 2020, Sturdy Savings Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $29,712
    Net interest income $28,175
    Total noninterest income $3,338
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $527
    Trading account gains and fees $0
    Additional Noninterest Income $2,811
    Pre-tax net operating income $4,275
    Securities gains (or losses, -) $912
    Income before extraordinary items $3,874
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,874
    Minority interest net income $0
    Net income $3,874
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,153

    Sturdy Savings Bank's gross interest income from loans was $29,712,000.
    Sturdy Savings Bank's net interest income from loans was $28,175,000.
    Sturdy Savings Bank's fee based income from loans was $527,000.
    Sturdy Savings Bank's net income from loans was $3,874,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,537
    Provision for credit losses $1,318
    Total noninterest expense $25,920
    Salaries and employee benefits $16,272
    Premises and equipment expense $2,474
    Additional noninterest expense $7,174
    Applicable income taxes $1,313
    Net charge-offs $734
    Cash dividends $0

    Sturdy Savings Bank's interest expense for loans was $1,537,000.
    Sturdy Savings Bank's payroll and benefits expense were $16,272,000.
    Sturdy Savings Bank's property, plant and equipment expenses $2,474,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 1.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $921,546
    Deposits held in domestic offices $921,546
    Deposits by Individuals, partnerships, and corporations $778,576
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $142,970
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $76,121
    Demand deposits $19,891
    Nontransaction accounts $845,425
    Money market deposit accounts (MMDAs) $103,607
    Other savings deposits (excluding MMDAs) $710,225
    Total time deposits $31,593
    Total time and savings deposits $901,655
    Noninterest-bearing deposits $247,722
    Interest-bearing deposits $673,824
    Retail deposits $917,772
    IRAs and Keogh plan accounts $7,854
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,061,680
    Cash & Balances due from depository institutions $14,208
    Interest-bearing balances $5,389
    Total securities $425,506
    Federal funds sold & reverse repurchase $0
    Net loans and leases $553,428
    Loan and leases loss allowance $3,491
    Trading account assets $0
    Bank premises and fixed assets $22,173
    Other real estate owned $316
    Goodwill and other intangibles $6,872
    All other assets $39,177

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,061,680
    Total Liabilities $966,636
    Total deposits $921,546
    Interest-bearing deposits $673,824
    Deposits held in domestic offices $921,546
    % insured (estimated) $66
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $28,500
    Subordinated debt $0
    All other liabilities $16,590

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $553,428
    Loan and leases loss allowance $3,491
    Total loans and leases (domestic) $556,919
    All real estate loans $487,900
    Real estate loans in domestic offices $487,900
    Construction and development loans $16,419
    Residential 1-4 family construction $5,736
    Other construction, all land development and other land $10,683
    Loans secured by nonfarm nonresidential properties $206,625
    Nonfarm nonresidential secured by owner-occupied properties $126,962
    Commercial real estate & other non-farm, non-residential $79,663
    Multifamily residential real estate $7,864
    1-4 family residential loans $255,429
    Farmland loans $1,563
    Loans held in foreign offices $0
    Farm loans $14,087
    Commercial and industrial loans $53,900
    To non-U.S. addressees $0
    Loans to individuals $471
    Credit card loans $0
    Related Plans $11
    Consumer Auto Loans $0
    Other loans to individuals $460
    All other loans & leases $2,400
    Loans to foreign governments and official institutions $0
    Other loans $2,400
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Sturdy Savings Bank had $553,428,000 of loans outstanding in 2020. $487,900,000 of loans were in real estate loans. $16,419,000 of loans were in development loans. $7,864,000 of loans were in multifamily mortgage loans. $255,429,000 of loans were in 1-4 family mortgage loans. $14,087,000 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 290 $70,643 $243,597
    Nonfarm, nonresidential loans - <$100k 45 $1,718 $38,178
    Nonfarm, nonresidential loans - $100-250k 90 $11,989 $133,211
    Nonfarm, nonresidential loans - $250k-1MM 155 $56,936 $367,329
    Commercial & Industrial, US addressed loans - <$1MM 83 $12,196 $146,940
    Commercial & Industrial, US addressed loans - <$100k 29 $814 $28,069
    Commercial & Industrial, US addressed loans - $100-250k 22 $2,173 $98,773
    Commercial & Industrial, US addressed loans - $250k-1MM 32 $9,209 $287,781
    Farmland loans - <$1MM 2 $577 $288,500
    Farmland loans - $250k-1MM 2 $577 $288,500
    Agriculture operations loans - <$1MM 6 $1,070 $178,333
    Agriculture operations loans - $100-250k 5 $570 $114,000
    Agriculture operations loans - $250k-1MM 1 $500 $500,000